Seagate Technology (NASDAQ:STX) had its price target raised by equities researchers at Morgan Stanley from $48.00 to $51.00 in a report released on Tuesday. The brokerage presently has an “equal weight” rating on the data storage provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 6.71% from the company’s previous close.
A number of other equities analysts also recently issued reports on STX. Craig Hallum raised Seagate Technology from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Monday, October 2nd. ValuEngine raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Mizuho reissued a “hold” rating and set a $36.00 price target on shares of Seagate Technology in a research report on Monday, October 9th. Cowen reissued a “hold” rating and set a $36.00 price target on shares of Seagate Technology in a research report on Friday, October 13th. Finally, Jefferies Group set a $29.00 price target on Seagate Technology and gave the stock a “hold” rating in a research report on Sunday, October 15th. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $49.29.
Seagate Technology (NASDAQ STX) traded down $0.44 during mid-day trading on Tuesday, reaching $54.67. The company’s stock had a trading volume of 2,186,790 shares, compared to its average volume of 5,788,655. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. Seagate Technology has a twelve month low of $30.60 and a twelve month high of $55.62. The stock has a market capitalization of $15,940.00, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 0.78 and a beta of 1.68.
In other Seagate Technology news, Chairman Stephen J. Luczo sold 100,000 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $48.99, for a total value of $4,899,000.00. Following the completion of the sale, the chairman now directly owns 95,420 shares in the company, valued at $4,674,625.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David H. Morton, Jr. sold 40,263 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.78, for a total value of $1,964,029.14. Following the completion of the sale, the chief financial officer now owns 65,824 shares of the company’s stock, valued at $3,210,894.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 183,120 shares of company stock valued at $8,660,988. 0.87% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Assetmark Inc. raised its stake in Seagate Technology by 43.5% in the third quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock valued at $4,835,000 after buying an additional 44,171 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Seagate Technology in the second quarter valued at about $344,000. Iat Reinsurance Co. LTD. purchased a new stake in Seagate Technology in the third quarter valued at about $12,455,000. Jaffetilchin Investment Partners LLC purchased a new stake in Seagate Technology in the fourth quarter valued at about $346,000. Finally, Bristol Advisors LLC purchased a new stake in Seagate Technology in the fourth quarter valued at about $711,000. Institutional investors own 91.51% of the company’s stock.
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About Seagate Technology
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
